Tax Cuts and Jobs Act of 2017

The Tax Cuts and Jobs Act of 2017 was a US Congress bill to amend the Internal Revenue Code of 1986, altering the rate of taxation for individuals and businesses. The tax reform legislation was introduced on 2 November 2017, and it was backed by the Republican Party and the Trump administration. Major elements included reduced taxes for individuals and businesses increasing the standard deduction and family tax credits, limiting the mortgage interest deduction and deductions for state and local income and property taxes, eliminating the Alternative Minimum Tax for corporations, reducing the number of states affected by the estate tax, and repealing the individual mandate of Obamacare. The Congressional Budget Office reported minor economic impact over the next ten years, as well as a $1.455 trillion increase to the national debt over ten years. On 19 December 2017, the US House of Representatives passed the bill, but the vote had to be re-held the next day for procedural reasons. The US Senate passed the final version on 20 December in a 51-48 vote, and it was reaffirmed by the House and signed into law by President Trump.